Industry Reports

Bragg Gaming Touts 30 Pct YOY Surge in Q3, Exceeds Own Expectations

Bragg Gaming Group revealed its financial performance over the third quarter of this fiscal year, a period, which came to an end on September 30, 2019. The three months managed to bring a 13-percent revenue surge when compared to Q2 2019. Gaming revenue generated over the third quarter reached CA$10 million thanks to the diversified gaming offerings and the partnerships reserving the company a leading position in the US gaming field.

Financial reports issued at the end of every quarter of the year offer a snapshot of a companyโ€™s performance, as well as essential information about its goals. Such details are useful for both shareholders and partners of the company. Bragg Gaming Group shared more about its gaming operation over the three months ending September 30, meeting its expectations.

Third-Quarter Results Issued

Revenue jump of 13 percent was market when comparing Q3 and Q2 2019, a progressively good performance coming to show that this year would be remembered as a period dedicated to the expansion and the exploration of new markets. Gaming revenue managed to reach the CA$10,000,000 mark, whereas gross profit amounted to some CA$4.3 million. Bragg Gaming issued its projections earlier this fall.

The gaming giant expected year-over-year growth reaching 25 percent when compared to Q3 2018, but the reality managed to exceed that. As it became clear, revenue witnessed a 30-percent surge when compared with the third quarter of fiscal 2018. Such a significant improvement could be attributed to subsidiary ORYX Gaming and the rapid growth it has demonstrated over the past few months.

Teaming up with more gaming providers and setting foot in new markets has been the main driving point for this growth. This yearโ€™s first months saw Bragg Gaming prepare for a record-setting year that would see many new partners and providers inking with ORYX Gaming and utilizing the vast opportunities offered by the ORYX Hub platform. September 30, 3019 also saw the end of a nine-month period of operation, putting matters into perspective.

ORYX Gaming Teams Up with 14 More Providers

The nine months of operation generated gaming revenue reaching CA$28 million, whereas the gross profit amassed throughout the three quarters amounted to CA$12.6 million. Dominic Mansour, Chief Executive Officer of Bragg Gaming Group, pointed out that now is the time for rapid expansion and attracting like-minded companies for a long-term partnership.

Across the last quarter, as many as 10 new operators witnessed launch with ORYX Gaming. The upcoming three months of operation are projected to see 14 more to join the group of operators already part of the ORYX Gaming community. Bragg Gaming Group is ready to explore the US sports wagering field, as it recently announced its collaboration with Seneca Nation of Indians and Kambi Group.

Thanks to their partnership, Seneca Niagara Resort & Casino in Niagara Falls, Seneca Buffalo Creek Casino in Buffalo, and Seneca Allegany Resort & Casino in Salamanca would see new gaming and sports wagering offerings. The arrangement for future operation includes both in-person gaming and online-based offerings once New York State lawmakers come up with a set of rules regulating the online wagering market.